Andhra Pradesh: ED to seize Jagan's property worth Rs 122 crore

Hyderabad: In major trouble for YSR Congress Chief Jagan Mohan Reddy, the Enforcement Directorate is slated to take over his property worth Rs 122 crore. The ED has even issued attachment orders for their immediate seizure.

The YSR Congress chief has been in jail since May 27, 2012, after being arrested by the Central Bureau of Investigation (CBI) in connection with a disproportionate assets case against him. Jagan was last produced in a special CBI court on February 14, but his judicial custody was then extended till February 27.

The Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) on Wednesday approved two separate attachment orders valued at Rs 51 crore and Rs 71 crore of the agency paving way for their immediate seizure by the ED.

The step will ensure that the parties involved in these two cases will not be able to derive benefits of these properties by way of selling, leasing, renting or using these assets.

The ED had in 2012 issued attachment orders on plots worth Rs 71 crore owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.